Financial Data and Key Metrics Changes - Revenue for Q1 2024 totaled $5.8 million, an increase of 53% compared to $3.8 million in Q1 2023 [10] - Gross margin improved to 73% for Q1 2024, up from 67% in the same period last year [11] - Operating loss for Q1 2024 was $1.1 million, an improvement of $928,000 compared to the same period last year [11] - Net loss decreased to $4.5 million in Q1 2024 from $13.1 million in Q1 2023 [11] - Adjusted EBITDA loss was $59,000 for Q1 2024, a significant improvement from a $1.8 million loss in Q1 2023 [12] Business Line Data and Key Metrics Changes - Revenue from the Ultramist line increased by 81% year-on-year [6] - Revenue from consumable applicators increased by 64% year-on-year and 14% sequentially from Q4 2023 [6] - Active systems in the field reached 709, with Ultramist systems sold up by 54 units compared to Q1 2023 [5][6] Market Data and Key Metrics Changes - The company noted a seasonal slowdown in system sales during Q1, which is typical in the medical device industry [7] - The company aims to reduce applicator revenues as a percentage of total revenues to a range of 55% to 65% as system sales increase [6][7] Company Strategy and Development Direction - The company is focused on expanding its geographic footprint and engaging larger customers [7] - There is a strategic emphasis on deeper customer engagement, particularly in nursing homes and acute care settings [8] - The company is optimistic about 2024 being a breakout year, with plans to execute on growth strategies [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 45% to 55% year-on-year growth in Q2 and reiterated a 50% growth guidance for fiscal year 2024 [16] - The company is addressing delays in the SEPA merger, with a path to closing expected before May 31 [14][15] Other Important Information - The company has hired additional sales and operational staff to support growth initiatives [7] - The management highlighted the importance of price discipline and manufacturing improvements to enhance gross margins [5] Q&A Session Summary - There were no questions from participants during the Q&A session, indicating that the management may have addressed all concerns thoroughly [19]

Financial Data and Key Metrics Changes - Revenue for Q4 2023 totaled $7 million, a 27% increase compared to $5.5 million for the same period in 2022, slightly exceeding previous guidance of 20% to 24% growth [11] - Fiscal year 2023 revenue reached $20.4 million, up 22% from $16.7 million in 2022 [11] - Gross margin for Q4 2023 was 69.1%, down from 78.1% in Q4 2022, primarily due to non-recurring inventory write-offs [12] - Adjusted EBITDA for Q4 2023 was $700,000, an improvement of $2 million from negative $1.3 million in Q4 2022 [13] Business Line Data and Key Metrics Changes - Ultramist systems sold increased by 44% from Q3 2023, with total placements for the quarter reaching 98, compared to 55 in Q3 [6] - Applicators revenue grew by 16% sequentially, accounting for 51% of overall revenues in the quarter [7] - The number of active systems in the field rose by 14% sequentially, indicating strong growth in the core business [9] Market Data and Key Metrics Changes - The company is focusing on expanding its user base, with 47% of systems sold in Q4 2023 going to new customers [7] - The company is targeting high usage environments and physician practices to increase applicator usage per active system [10] Company Strategy and Development Direction - The company aims to improve operational profitability and manage expenses while expanding its commercial operations and clinical training teams [10] - A merger with SEPA is ongoing, which is expected to simplify the capital structure and eliminate complexities in financial reporting [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2024 as a breakout year, expecting revenue growth of 50% compared to 2023, with revenues projected to exceed $30 million [18] - Gross margins are anticipated to recover to the mid-seventies range in 2024 [17] Other Important Information - Total current assets as of December 31, 2023, were $9.8 million, up from $6.6 million a year earlier [13] - Cash totaled $1.8 million as of December 31, 2023 [13] Q&A Session Summary Question: Status of patents and talks with Shockwave - Management confirmed an intellectual property deal was announced earlier in the month, emphasizing the value of its intellectual property portfolio [22] Question: Timeline for the merger and listing - Management indicated that finalizing the exchange listing depends on factors outside their control, but they hope it will not take long [26] Question: Legal matters regarding the merger - Management clarified that there are no legal matters holding up the merger, only the completion of pro forma SEC filings [31] Question: Contact for doctors interested in trials - Interested parties can contact Tim Hendrix, the head of sales, through the company's website for product trials [32]